2023-10-12 23:51:01
© Reuters. Corn on a farm in Tiskilwa, Illinois, USA 7/6/2018. REUTERS/Daniel Acker/File
Por Zachary Goelman
NEW YORK (Reuters) – Chicago futures soared on Thursday after a widely monitored U.S. government report forecast a smaller-than-previously-projected and below-average corn and soybean harvest. analyst estimates.
The most active soybean futures on the Chicago Board of Trade (CBOT) jumped about 3% to close at $12.90 a bushel, their biggest daily percentage gain since July 13.
Trading fluctuated in a range of around 50 cents, falling early in the day at $12.5050 and rising as high as $12.9975.
The rally boosted other soy products: December CBOT rose about 1.2% and December soybean meal soared more than 4% to $15.80.
The US Department of Agriculture’s (USDA) monthly global supply and demand estimates report estimated the soybean harvest at 4.104 billion bushels, 42 million bushels less than forecast in September and 30 million of bushels below average analyst estimates.
“I think at first glance this would clearly appear to be a bullish report for soybeans,” said Rich Nelson, chief strategist at Allendale.
“The problem is that Brazil has already beaten us on price; as we move into the next three months, this actually widens, making the price discount even bigger over the next two or three months,” he said.
Corn futures rose 8 cents to close at $4.96 per bushel, and corn futures rose almost 2.75% to close at $5.7150 per bushel.
(Reporting by Zachary Goelman in New York City; Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra)
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